Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The price of lithium carbonate is in a range - bound oscillation, with weekly production hitting a new high and inventory being depleted [1] 3. Summary Based on Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts Data**: - For the 2511 contract, the closing price was 72,880, down 760 from T - 1; the volume was 502,269, up 158,406 from T - 1; the open interest was 281,411, down 13,213 from T - 1 [1] - For the 2601 contract, the closing price was 72,940, down 860 from T - 1; the volume was 107,180, up 34,164 from T - 1; the open interest was 172,012, down 3,395 from T - 1 [1] - **Other Data**: - The warehouse receipt volume was 39,354, up 120 from T - 1 [1] - The spot - 2511 was 570, down 490 from T - 1; the spot - 2601 was 510, down 650 from T - 1 [1] - The 2511 - 2601 basis was - 60, down 160 from T - 1 [1] - The difference between electric carbon and industrial carbon was 2,250, unchanged from T - 1 [1] - The spot - CIF was 6,991, up 278 from T - 1 [1] - Lithium spodumene concentrate (6%, CIF China) was 858, up 1 from T - 1; lithium mica (2.0% - 2.5%) was 1,815, unchanged from T - 1 [1] - Battery - grade lithium carbonate was 73,450, up 300 from T - 1; industrial - grade lithium carbonate was 71,200, up 300 from T - 1 [1] - Other related lithium - salt and downstream product prices also had corresponding changes compared to T - 1 [1] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 73,464 yuan/ton, up 348 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate was 73,450 yuan/ton, up 300 yuan/ton; the average price of industrial - grade lithium carbonate was 71,200 yuan/ton, up 300 yuan/ton [1] - This week's lithium carbonate production was 20,363 tons, up 400 tons from last week, and the industry inventory was 137,531 tons, down 981 tons from last week [1] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, with the range of values being integers in the [-2, 2] interval, where - 2 means most bearish and 2 means most bullish [3]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report focuses on the current situation of lithium carbonate, indicating that inventory depletion is limited and the price is in a range - bound oscillation. The trend strength of lithium carbonate is - 1, suggesting a relatively bearish outlook [1][3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 78,140 yuan, down 900 yuan from T - 1; the trading volume was 12,780 lots, down 2,247 lots; and the open interest was 22,844 lots, down 6,370 lots. For the 2511 contract, the closing price was 78,140 yuan, down 720 yuan from T - 1; the trading volume was 805,585 lots, up 75,940 lots; and the open interest was 347,063 lots, down 4,259 lots [1]. - **Warehouse Receipts and Basis**: The warehouse receipt volume was 28,957 lots, up 1,480 lots from T - 1. The basis of spot - 2509 was 1,860 yuan, down 700 yuan from T - 1; the basis of spot - 2511 was 1,860 yuan, down 880 yuan from T - 1 [1]. - **Raw Materials and Lithium Salts**: The price of spodumene concentrate (6%, CIF China) was 889 dollars, down 31 dollars from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,915 yuan, down 55 yuan from T - 1. The price of battery - grade lithium carbonate was 80,000 yuan, down 1,600 yuan from T - 1; the price of industrial - grade lithium carbonate was 77,700 yuan, down 1,600 yuan from T - 1 [1]. - **Related Products in the Industry Chain**: The price of lithium iron phosphate (power type) was 35,205 yuan, down 385 yuan from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 114,100 yuan, down 300 yuan from T - 1 [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 79,942 yuan/ton, down 1,729 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 80,000 yuan/ton, down 1,600 yuan/ton; the average price of industrial - grade lithium carbonate was 77,700 yuan/ton, down 1,600 yuan/ton. The lithium carbonate inventory this week was 141,136 tons, a decrease of 407 tons from last week, and the production this week was 19,030 tons, a decrease of 108 tons from last week [2]. 3.3 Trend Strength - The trend strength of lithium carbonate is - 1, with the value ranging from - 2 to 2. A value of - 2 represents the most bearish view, while 2 represents the most bullish view [3].